Empire Metals Ltd (AIM:EEE) has raised £2.5 million through an oversubscribed placing at 7p to fund work on its newly discovered anatase deposit at the Pitfield project in Australia.
Proceeds from the placing will be used for resource drilling, mineralogical and metallurgical studies and environmental baseline studies, said the statement.
In addition, Empire said the money will help scale up and accelerate the metallurgical and mineralogical studies in the anatase zone.
Shaun Bunn, managing director, said: “This fundraising will ensure that we can continue to push ahead, expand our metallurgical testwork and research activities and continue to fast track the resource drilling required to provide a maiden Mineral Resource Estimate.
"We have received significant support from existing and new investors in this placing, a sure sign that the market is beginning to see the global significance of our discovery at Pitfield.
"The recent discovery of a new anatase enriched deposit (announced 22 August 2024), located within the weathered "saprolite" cap covering the extent of the giant, 40km long mineral system, has shifted the focus of our development studies to this weathered cap.
"With the addition of these new funds to our already healthy cash balance our cash at bank now stands at circa £4.8 million putting the company in a very strong financial position."